Small Increase in Sandfire Resources FVE, but Shares Still Overvalued
We raise our fair value estimate for no-moat rated Sandfire Resources to AUD 4.90 per share from AUD 4.80 per share. The increase reflects higher near-term copper price forecasts of USD 2.65 per pound in fiscal 2018 and USD 2.30 per pound in fiscal 2019. The forecast decline next year reflects our expectation for fixed-asset investment spending in China to slow. Nevertheless, the higher commodity price forecasts see our fiscal 2018 earnings forecast rise 18% to AUD 0.47 per share and fiscal 2019...Sandfire Resources is a mining and exploration company. Co. is engaged in the production and sale of copper, gold and silver; and the exploration and evaluation of mineral tenements and projects in Australia and overseas. Co. has two operating segments: The DeGrussa Copper Mine, a copper-gold mine located in the Bryah Basin mineral province of Western Australia; and Exploration and evaluation, which includes exploration and evaluation of the mineral tenements in Australia and overseas, including exploring for potential repeats of the DeGrussa Volcanogenic Massive Sulphide mineralised system at the Doolgunna Projects and Co.'s investment in Tintina Resources Inc and WCB Resources Ltd.
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